Registration number:
Denvern Limited
for the Year Ended 31 December 2024
Denvern Limited
(Registration number: 04984927)
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Denvern Limited
(Registration number: 04984927)
Company Information
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Directors |
Mr P G Maddicott Mrs D L Maddicott Mrs L J Bennett |
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Registered office |
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Auditors |
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Denvern Limited
(Registration number: 04984927)
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the group is that of a property rental and the provision of storage solutions and related services to commercial and domestic customers.
Fair review of the business
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover and profit margins.
Overall the directors are satisfied with the profitability of the company.
The group's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2024 |
2023 |
|
Turnover |
£ |
11,920,971 |
11,579,818 |
|
Turnover growth |
% |
3 |
2 |
|
Gross profit |
£ |
8,300,722 |
7,937,746 |
|
Profit before tax |
£ |
5,316,235 |
5,109,543 |
|
Net assets |
£ |
30,085,710 |
28,753,178 |
Principal risks and uncertainties
The board of directors undertake a regular review of the company and the board of directors have identified that the principal risks faced by the Denvern Limited group relate to competition and the effects of the current economic climate.
Approved and authorised by the
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Denvern Limited
(Registration number: 04984927)
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the for the year ended 31 December 2024.
Directors of the group
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Financial instruments
Objectives and policies
The group's principal financial instruments comprise the bank balance, trade creditors, trade debtors, hire purchase agreements and bank borrowings. The main purpose of these instruments is to raise funds for the group's operations.
Price risk, credit risk, liquidity risk and cash flow risk
The group's approach to managing risks applicable to the financial instruments is shown below.
In respect of the bank balance, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of bank borrowings at various rates of interest.
The hire purchase agreements are provided by financial institutions at fixed and variable rates of interes with monthly repayment instalments. The group ensures that there are sufficient funds to meet these requirements to manage this liquidity risk.
Trade debtors are managed in respect of credit and cash flow by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.
Loans comprise loans from financial institutions. The interest rates and monthly repayments are fixed. The group manages the liquidity risk by ensuring that there are sufficient funds to meet the scheduled payments.
The business is a lessee in respect of fixed assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet the payments.
Future developments
The directors do not envisage the business of the group changing in the foreseeable future, but continually look for opportunities for further expansion.
Denvern Limited
(Registration number: 04984927)
Directors' Report for the Year Ended 31 December 2024
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
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Denvern Limited
(Registration number: 04984927)
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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• |
select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Denvern Limited
(Registration number: 04984927)
Independent Auditor's Report to the Members of Denvern Limited
Opinion
We have audited the financial statements of Denvern Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Denvern Limited
(Registration number: 04984927)
Independent Auditor's Report to the Members of Denvern Limited
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Denvern Limited
(Registration number: 04984927)
Independent Auditor's Report to the Members of Denvern Limited
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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• |
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
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• |
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, fire safety, and health and safety legislation; |
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing licenses, certificates and relevant correspondence including the inspection of legal correspondence; and |
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• |
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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• |
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
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• |
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we:
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• |
performed analytical procedures to identify any unusual or unexpected relationships; |
Denvern Limited
(Registration number: 04984927)
Independent Auditor's Report to the Members of Denvern Limited
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• |
tested journal entries to identify unusual transactions; |
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• |
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
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investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation; |
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reading the minutes of meetings of those charged with governance; |
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enquiring of management as to actual and potential litigation and claims; and |
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reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
28 Alexandra Terrace
Devon
EX8 1BD
Denvern Limited
(Registration number: 04984927)
Consolidated Profit and Loss Account for the Year Ended 31 December 2024
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Note |
Total |
Total |
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|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
|
|
The above results were derived from continuing operations.
The group has no recognised gains or losses for the year other than the results above.
Denvern Limited
(Registration number: 04984927)
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Profit for the year |
|
|
|
Total comprehensive income for the year |
|
|
|
Total comprehensive income attributable to: |
||
|
Owners of the company |
|
|
Denvern Limited
(Registration number: 04984927)
Consolidated Balance Sheet as at 31 December 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
Investment property |
|
|
|
|
Other financial assets |
400 |
400 |
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Share premium reserve |
|
|
|
|
Other reserves |
|
|
|
|
Profit and loss account |
|
|
|
|
Equity attributable to owners of the company |
|
|
|
|
Total equity |
|
|
Approved and authorised by the
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Denvern Limited
(Registration number: 04984927)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investment property |
|
|
|
|
Investments |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets/(liabilities) |
|
( |
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Share premium reserve |
|
|
|
|
Profit and loss account |
|
|
|
|
Total equity |
|
|
The company made a profit after tax for the financial year of £7,728,425 (2023 - profit of £2,824,526).
Approved and authorised by the
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Denvern Limited
(Registration number: 04984927)
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company
|
Share capital |
Share premium |
Non distributable reserve |
Other reserves |
Profit and loss account |
Total |
Non- controlling interests |
Total equity |
|
|
At 1 January 2024 |
|
|
- |
|
|
|
- |
|
|
Profit for the year |
- |
- |
- |
- |
|
|
- |
|
|
Total comprehensive income |
- |
- |
- |
- |
|
|
- |
|
|
Dividends |
- |
- |
- |
- |
( |
( |
- |
( |
|
Transfers |
- |
- |
- |
(12,406) |
12,406 |
- |
- |
- |
|
At 31 December 2024 |
|
|
- |
|
|
|
- |
|
|
Share capital |
Share premium |
Non distributable reserve |
Other reserves |
Profit and loss account |
Total |
Non- controlling interests |
Total equity |
|
|
At 1 January 2023 |
|
|
- |
|
|
|
- |
|
|
Profit for the year |
- |
- |
- |
- |
|
|
- |
|
|
Total comprehensive income |
- |
- |
- |
- |
|
|
- |
|
|
Dividends |
- |
- |
- |
- |
( |
( |
- |
( |
|
Transfers |
- |
- |
- |
(15,252) |
15,252 |
- |
- |
- |
|
At 31 December 2023 |
|
|
- |
|
|
|
- |
|
Denvern Limited
(Registration number: 04984927)
Statement of Changes in Equity for the Year Ended 31 December 2024
|
Share capital |
Share premium |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
Share capital |
Share premium |
Retained earnings |
Total |
|
|
At 1 January 2023 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2023 |
15,212 |
2,701,121 |
5,489,725 |
8,206,058 |
Denvern Limited
(Registration number: 04984927)
Consolidated Statement of Cash Flows for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss on disposal of tangible assets |
|
|
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Decrease in stocks |
|
|
|
|
Increase in trade debtors |
( |
( |
|
|
(Decrease)/increase in trade creditors |
( |
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Repayment of bank borrowing |
( |
( |
|
|
Proceeds from other borrowing draw downs |
|
- |
|
|
Repayment of other borrowing |
( |
( |
|
|
Payments to finance lease creditors |
( |
( |
|
|
Proceeds from draw downs of finance lease creditors |
- |
145,136 |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
(470,913) |
1,678,079 |
|
Denvern Limited
(Registration number: 04984927)
Statement of Cash Flows for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Income from shares in group undertakings |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
(Increase)/decrease in trade debtors |
( |
|
|
|
Increase/(decrease) in trade creditors |
|
( |
|
|
Cash generated from operations |
( |
( |
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
( |
( |
|
|
Cash flows from investing activities |
|||
|
Income from shares in group undertakings |
|
|
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
18,338 |
94,220 |
|
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.
No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £7,728,425 (2023 - profit of £2,824,526)
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The financial statements have been prepared on a going concern basis.
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
Judgements
The company carries its investment properties at fair value, with changes in fair value being recognised in profit or loss. The investment properties were valued on 31 December 2024 by the directors. The methodology of this valuation was based on market values of similar properties and rental yields. The value of investment properties at the year end is £703,150 (2023: £703,150) with the carrying amount at historical cost being £703,150 (2023: £703,150). |
Key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustments to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Useful economic lives and residual values of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the tangible fixed assets.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when, the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Turnover in respect of cabin and container sales is recognised on despatch. Rental income is recognised over the period for which the space is occupied by the customer and on a time apportionment basis.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold Land |
Not depreciated |
|
Freehold Buildings |
2% per annum on a straight line basis |
|
Leasehold land and buildings |
5-8.62% per annum on a straight line basis |
|
Plant and machinery: plant |
25% per annum on a reducing balance basis |
|
Plant and machinery: portable cabins and containers |
5% per annum on a straight line basis |
|
Plant and machinery: static cabins |
10% per annum on a straight line basis |
|
Plant and machinery: solar panels |
4% per annum on a straight line basis |
|
Office equipment |
20-25% per annum on a straight line basis |
|
Vehicles |
20% per annum on a straight line basis |
Investment property
Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the revaluation reserve accumulated in the profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
In accordance with FRS102 16.4A(b) the group has chosen to measure investment properties rented to other group entities under the cost model and has taken advantage of the transitional provision in paragraph 1.19(a), taking the fair value at the date of transition as the deemed cost going forward.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
10% per annum on a straight line basis |
|
Other intangible assets |
33% per annum on a straight line basis |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Other financial liabilities
Other financial liabilities comprise loans from individuals which are recorded at amortised cost. Interest expenses are recognised on the basis of the effective interest method and are included in interest payable and similar charges. Other financial liabilities are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
Rental income from investment property |
|
|
|
Other revenue |
|
|
|
|
|
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
The analysis of the group's Turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2024 |
2023 |
|
|
Miscellaneous other operating income |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Loss on disposal of property, plant and equipment |
|
|
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
Sales, marketing and distribution |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of these financial statements |
2,700 |
2,700 |
|
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
7,650 |
7,650 |
|
|
|
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Arising from changes in tax rates and laws |
( |
|
|
Total deferred taxation |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
- |
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax expense from unrecognised temporary difference from a prior period |
- |
|
|
Decrease from effect of tax incentives |
- |
( |
|
Total tax charge |
|
|
As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. As the company’s previous financial year straddled this date, a blended corporation tax rate of 23.52% was applied which is calculated by apportioning the two tax rates on a weighted basis for the proportion of the financial year for which each main tax rate was applicable.
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax
Group
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Origination and reversal of timing differences |
|
|
|
|
2023 |
Liability |
|
Origination and reversal of timing differences |
|
|
|
|
Intangible assets |
Group
|
Goodwill |
Other intangible assets |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Amortisation |
|||
|
At 1 January 2024 |
|
|
|
|
Amortisation charge |
|
- |
|
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
- |
|
|
At 31 December 2023 |
|
- |
|
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
Disposals |
( |
- |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
( |
- |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2024 |
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £15,753,039 (2023 - £15,676,484) in respect of freehold land and buildings and £979,167 (2023 - £1,034,624) in respect of long leasehold land and buildings.
Included within land and buildings and other tangible assets are the cost of assets acquired for the purposes of letting under operating leases totalling £12,192,557 (2023: £12,067,102) and the related accumulated depreciation totalling £1,640,311 (2023: £1,692,182).
Included within other tangible assets are the net book value of assets held under hire purchase arrangements totalling £1,341,275 (2023: £1,754,653).
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
Company
|
Land and buildings |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
Included within the net book value of land and buildings above is £4,185,859 (2023 - £4,185,859) in respect of freehold land and buildings.
|
Investment properties |
Group
|
2024 |
|
|
At 1 January 2024 |
|
|
At 31 December 2024 |
|
The fair value of the investment properties as at 31 December 2024 has been determined by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and rental yields.
There has been no valuation of investment property by an independent valuer. On a historical cost basis the investment property would have been included at an orginal cost of £703,150 (2023 - £703,150).
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
Company
|
2024 |
|
|
At 1 January 2024 |
|
|
At 31 December 2024 |
|
There has been no valuation of investment property by an independent valuer in the current period.
Carrying amount of investment property rented to another group entity
The carrying amount of investment property rented to another group entity was
£
The above have been accounted for as property, plant and equipment applying the cost model in line with FRS102 16.4A.
|
Investments |
Group
Details of undertakings
Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Holding |
Proportion of voting rights and shares held |
||
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
Ordinary shares |
|
|
|
|
|
Ordinary shares |
|
|
|
|
|
Ordinary shares |
|
|
|
|
|
Ordinary shares |
|
|
|
* indicates direct investment of the company
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
Of the above subsidiary companies Dainton Portable Buildings Limited, Dainton Self Store Limited and Dainton Portable Building Systems Limited have been excluded from consolidation on the grounds of immateriality.
The registered office of all the above subsidiaries is Dainton Business Park, Heathfield, Newton Abbot, Devon, TQ12 6RG.
All of the above subsidiary companies are registered in England and Wales.
Subsidiary undertakings
|
Dainton Group Services Limited The principal activity of Dainton Group Services Limited is |
|
Dainton Portable Buildings Limited The principal activity of Dainton Portable Buildings Limited is |
|
Dainton Self Store Limited The principal activity of Dainton Self Store Limited is |
|
Dainton Portable Building Systems Limited The principal activity of Dainton Portable Building Systems Limited is |
Company
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
At 31 December 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Other financial assets |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Non-current financial assets |
||||
|
Financial assets at fair value through profit and loss |
|
|
- |
- |
|
Stocks |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Good for resale |
|
|
- |
- |
|
Debtors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Trade debtors |
|
|
|
- |
|
|
Amounts owed by related parties |
|
|
|
- |
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
|
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Cash on hand |
|
|
- |
- |
|
Cash at bank |
|
|
|
|
|
|
|
|
|
|
|
Bank overdrafts |
( |
- |
- |
- |
|
Cash and cash equivalents in statement of cash flows |
(470,913) |
1,678,079 |
18,338 |
94,220 |
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Creditors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
- |
- |
|
|
Amounts due to related parties |
- |
- |
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
|
Other creditors |
|
|
|
- |
|
|
Accruals and deferred income |
|
|
|
|
|
|
Corporation tax liability |
497,477 |
572,124 |
76,159 |
99,805 |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Other non-current financial liabilities |
|
|
- |
- |
|
|
|
|
|
|
||
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
|
|
Bank overdrafts |
|
- |
- |
- |
|
Finance lease liabilities |
|
|
- |
- |
|
|
|
|
|
|
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
Non-current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
|
|
Finance lease liabilities |
|
|
- |
- |
|
|
|
|
|
|
Group
Bank borrowings
|
The loans are repayable in monthly instalments.
|
Included in the loans and borrowings are the following amounts due after more than five years:
|
2024 |
2023 |
|
|
After more than five years by instalments |
|
|
|
Obligations under leases and hire purchase contracts |
Group
Finance leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 December 2024 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
|
|
|
15,112 |
|
15,112 |
|
|
|
|
|
|
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
Rights, preferences and restrictions
|
Ordinary A shares have the following rights, preferences and restrictions: |
|
Ordinary B shares have the following rights, preferences and restrictions: |
|
Reserves |
Group
Called up share capital
Called up share capital represents the nominal value of the shares issued.
Share premium reserve
This reserve records the amount above the nominal value received for shares sold, less transaction costs
Other reserves
Other reserves represents the equity component of a loan at initial issue less transfers to retained earnings in respect of this component using the effective interest rate method.
Profit and loss reserve
Profit and loss account represents cumulative profits or losses, net of dividends paid, cumulative revaluation adjustments of investment properties and other adjustments.
Company
Called up share capital
Called up share capital represents the nominal value of the shares issued.
Profit and loss reserve
Profit and loss account represents cumulative profits or losses, net of dividends paid, cumulative revaluation adjustments of investment properties and other adjustments.
Share premium
This reserve records the amount above the nominal value received for shares sold, less transaction costs
|
Dividends |
Interim dividends paid
|
2024 |
2023 |
|||
|
Interim dividend of £ |
|
|
||
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Analysis of changes in net debt |
Group
|
At 1 January 2024 |
Financing cash flows |
At 31 December 2024 |
|
|
Cash and cash equivalents |
|||
|
Cash |
1,678,079 |
(1,658,489) |
19,590 |
|
Overdrafts |
- |
(490,503) |
(490,503) |
|
1,678,079 |
(2,148,992) |
(470,913) |
|
|
Borrowings |
|||
|
Long term borrowings |
(1,588,415) |
180,431 |
(1,407,984) |
|
Lease liabilities |
(761,028) |
470,165 |
(290,863) |
|
(2,349,443) |
650,596 |
(1,698,847) |
|
|
|
|||
|
( |
( |
( |
|
|
Related party transactions |
Group
Key management compensation
|
2024 |
2023 |
|
|
Salaries and other short term employee benefits |
|
|
|
Transactions with directors |
|
2024 |
At 1 January 2024 |
Advances to director |
Repayments by director |
At 31 December 2024 |
|
Interest free loan repayable on demand |
|
|
( |
|
|
2023 |
At 1 January 2023 |
Advances to director |
Repayments by director |
At 31 December 2023 |
|
Interest free loan repayable on demand |
|
|
( |
|
Denvern Limited
(Registration number: 04984927)
Notes to the Financial Statements for the Year Ended 31 December 2024
Summary of transactions with other related parties
Other related parties includes transactions with entities under common control and with close family members of directors.
Income and receivables from related parties
|
2024 |
Other related parties |
|
Receipt of services |
|
|
Amounts receivable from related party |
|
|
|
|
|
2023 |
Other related parties |
|
Sale of goods |
|
|
Amounts receivable from related party |
|
|
|
|
Expenditure with and payables to related parties
|
2024 |
Other related parties |
|
Amounts payable to related party |
|
|
|
|
|
2023 |
Other related parties |
|
Amounts payable to related party |
|
|
|
|
|
Controlling party |
The ultimate controlling parties are P & D Maddicott who own the entirety of the share capital.